Voters overwhelmingly support using tax cuts to promote manufacturing products in the U.S. and using tax cuts to promote innovation in the U.S, according to a new poll released by HarrisX. The poll, which was commissioned by Americans for Tax Reform, also found that voters support full business expensing, a key reform included in the 2017 Tax Cuts and Jobs Act.
These findings should be instructive to lawmakers given that a number of important, pro-growth tax cuts will soon expire. For instance, full business expensing will begin phasing down in 2022 and fully expires in 2026. Senator Pat Toomey (R-Pa.) and Congressman Jodey Arrington (R-Texas) have introduced legislation making expensing permanent.
In addition, a $100 billion tax hike on research and development will go into effect at the end of the year if lawmakers fail to act. Senators Maggie Hassan (D-N.H.) and Todd Young (R-Ind.) and Representatives John Larson (D-Conn.) and Ron Estes (R-Kan.) have introduced legislation preventing this tax hike.
The poll was conducted by HarrisX between March 31 to April 6 among 4,577 registered voters. The margin of error of this poll is plus or minus 1.45% and the results reflect a nationally representative sample of U.S. adults weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population.
Key findings include:
Voters Support Using Tax Cuts to Promote Manufacturing Products in the United States
- 78 percent of voters support using tax cuts to promote manufacturing products in the United States. 28 percent of voters strongly support this policy and 49 percent somewhat support this policy. Just 17 percent somewhat oppose the policy and only 6 percent strongly oppose the policy.
- 84 percent of Republicans support using tax cuts to promote manufacturing in the U.S, while 73 percent of Democrats and 77 percent of Independents support this policy.
- 78 percent of suburban voters and 78 percent of urban voters support using tax cuts to promote manufacturing.
Voters Support Using Tax Cuts to Promote Innovation in the United States
- 77 percent of voters support using tax cuts to promote innovation in the United States. 28 percent of voters strongly support this policy and 49 percent somewhat support this policy. Just 17 percent somewhat oppose the policy and only 6 percent strongly oppose the policy.
- 81 percent of Republicans support using tax cuts to promote innovation, along with 75 percent of Democrats and 77 percent of Independents.
- 77 percent of suburban voters and 79 percent of urban voters support using tax cuts to promote innovation.
Voters support full business expensing, a provision which was included in the Republican Tax Cuts and Jobs Act
- 64 percent of voters indicated their support for allowing businesses to immediately deduct investments instead of spreading it over multiple years.
- Support for full business expensing included 69 percent of Republicans, 60 percent of Democrats, and 63 percent of Independents.
- 62 percent of suburban voters supported this provision, along with 69 percent of urban voters, and 61 percent of rural voters.